1Q20
Institutional Presentation
Itaú Corpbanca
Disclaimers
• Information in this presentation is not an offer for sale of securities. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any
securities and should not be treated as giving investment advice. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information
contained herein. Any opinions expressed in this presentation are subject to change without notice and neither Itaú Corpbanca (the “Bank”) nor any other person is under obligation to update or keep current the
information contained herein. The information contained herein does not purport to be complete and is subject to qualifications and assumptions, and neither the Bank nor any agent can give any representations
as to the accuracy thereof. The Bank and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any
part of this presentation.
• Certain statements in this presentation may be considered forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect",
"plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. These forward-looking
statements include, but are not limited to, statements regarding expected benefits and synergies from the merger of Banco Itaú Chile with and into Corpbanca, the integration process of both banks, anticipated
future financial and operating performance and results, including estimates for growth, as well as risks and benefits of changes in the laws of the countries we operate.
• These statements are based on the current expectations of the Bank’s management. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements
included in this communication. For example, (1) problems that may arise in successfully integrating the businesses of Banco Itaú Chile and Corpbanca, which may result in the combined company not operating
as effectively and efficiently as expected; (2) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (3) the credit ratings of the
combined company or its subsidiaries may be different from what the Bank or its controlling shareholders expect; (4) the industry may be subject to future regulatory or legislative actions that could adversely
affect the Bank; and (5) the Bank may be adversely affected by other economic, business, and/or competitive factors.
• Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to the Bank’s management. Although management considers these
assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general
and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved.
• We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and
anticipations, estimates and intentions expressed in such forward-looking statements. More information on potential factors that could affect Itaú Corpbanca’s financial results is included from time to time in the
"Risk Factors" section of Itaú Corpbanca’s Annual Report on Form 20-F for the fiscal year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (the "SEC"). Furthermore, any
forward-looking statement contained in this presentation speaks only as of the date hereof and Itaú Corpbanca does not undertake any obligation to update publicly or to revise any of the included forward-
looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.
• This presentation may not be reproduced in any manner whatsoever. Any reproduction of this presentation in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the
U.S. Securities Act of 1933, as amended, or the applicable laws of other jurisdiction.
• The information contained herein should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent
that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view
expressed in this presentation.
• The Bank is an issuer in Chile of securities registered and regulated by the Commission for the Financial Market (Comisión para el Mercado Financiero or the "CMF"). Shares of our common stock are traded on
the Bolsa de Comercio de Santiago, or the Santiago Stock Exchange, and the Bolsa Electrónica de Chile, or Electronic Stock Exchange, which we jointly refer to as the "Chilean Stock Exchanges", under the
symbol "ITAUCORP". The Bank’s American Depositary Shares are traded on the New York Stock Exchange under the symbol "ITCB". Accordingly, we are currently required to file quarterly and annual reports
in Spanish and issue hechos esenciales o relevantes (notices of essential or material events) to the CMF, and provide copies of such reports and notices to the Chilean Stock Exchanges and the SEC. All such
reports are available at www.cmf.cl, www.sec.gov and in this presentation.
2
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
367 Additional information
Macroeconomic backdropEconomic context
GDP Growth (%) Interest Rates (EOP) - %
Inflation (CPI) - %
Source: Central Bank of Chile, Central Bank of Colombia and Itaú’s projections.(updated as of June 10, 2020).
Exchange rates – CLP/USD & CLP/COP
6.1 5.3
4.0
1.8 2.3
1.7 1.2
3.9
1.1
-4.5
4.7
7.4
3.94.6 4.7
3.02.1 1.4
2.53.3
-4.7
4.2
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(e)
Chile Colombia
5.3 5.0 4.5
3.0 3.5 3.5
2.5 2.8
1.8
0.5 1.0
4.8 4.3
3.3
4.5
5.8
7.5
4.8 4.3 4.3
2.0 2.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(e)
Chile Colombia
4.4
1.5
3.0
4.6 4.4
2.72.3 2.6
3.02.6
2.9
3.7
2.4 1.9
3.7
6.8
5.8
4.1
3.23.8
2.5 3.0
2011 2012 2013 2014 2015 2016 2017 2018 2019(e) 2020(e) 2021(e)
Chile Colombia
0.20
0.21
0.22
0.23
0.24
0.25
0.26
0.27
580
630
680
730
780
830
880
CLP/USD CLP/COP
4
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
567 Additional information
Channels | Branch network COVID-19
63% 121 branches open
65 in the Metropolitan Area56 in the rest of country
30%57 branches open
24 in the Metropolitan Area33 in the rest of country
78% 182 branches open
104 in the Metropolitan Area78 in the rest of country
100% presence since the beginning of the crisis
March 1
April 15
May 25
% Network
6Updated on June 30, 2020.
Digital Channels | Client access COVID-19
Wide rangeof services and productsto meet the needs of our clients in this period
41% Number of login to web & app(Mar-20 vs. Mar-19)
Availability of our digital channels
99.5%
(Mar-20)
Co
mp
anie
sIn
div
idu
als
57% Number of login to web & app(Mar-20 vs. Mar-19)
Access to digital have increased significantly; despite this trend, availability of digital channels is at highest level ever
7
Clients | Digital channels – Client transactions COVID-19
Mar-Apr 2020
167
Mar-Apr 2019
100
Payments
Co
mp
anie
sIn
div
idu
als
Mar-Apr2020
161
Mar-Apr2019
100
Time Deposits
Mar-Apr2020
113
Mar-Apr2019
100
Mutual Funds
133
100
Transfers and Payments
216
100
Time Deposits
200
100
Loans
Use of digital channels gets more significant with end-to-end transactions, gaining relevance for Individuals and Companies
8
Mar-Apr 2020
Mar-Apr 2019
Mar-Apr2020
Mar-Apr2019
Mar-Apr2020
Mar-Apr2019
Clients | Digital communicationCOVID-19
1
2
Launch of “Visión de Líderes" Communication
Launch of the “Vision of leaders“- Live streaming with the leaders of the most important sectors of the economy
We have held over 50 sessions:- Benito Baranda- Andrés Velasco & Ricardo Marino- Raphael Bergoeing - Carolina Strobell & Tatiana Pimienta- Juan Pablo Hernández- Sergio Purcell- José Luis Daza- Daniel Apolo- José de Gregorio- Alejandro Ferreiro
32,173 Total Views
9
People | Home office COVID-19
1,259
2,3092,459
01-mar 16-mar 31-mar 15-abr 30-abr
VPNsVDIsLaptops
All employees with access to videoconferences
through Teams
Deploying Office 365 cloud solutions
Capacity for 10,000 remote accesses through VPN
0
413
700
01-mar 16-mar 31-mar 15-abr 30-abr1-Mar 15-Mar 23-Apr
+1,200
200
2,070
2,420
01-mar 16-mar 31-mar 15-abr 30-abr
1-Mar 15-Mar 23-Apr 1-Mar 15-Mar 23-Apr
+700 +2,220
Infrastructure capable of supporting our operations in a remote environment ensuring business continuity1,684
Employees in home office
10
Government Actions | Latest InitiativesCOVID-19
CMF Ministry of FinanceCentral Bank of Chile
Bank financing facility (FCIC) conditional to banks loan growth
FCIC for 6 months, up to 4-year tenor, initial amount up to 3% of the commercial and consumer
portfolios of banks, at a preferential interest rate
Basel III roll-in process that would start in December 2020 was
postponed for 1 year
The Council of the CMF has postponed the commencement date for the implementation of
Basel III regulations
Working capital lines for companies with net sales up to UF
1 million according to the credit risk policies of each institution,
for a maximum amount of up to 3 months of average sales and 75% guaranteed by the government
11 Initiatives targeting provisions and capital
7 Initiatives for liquidity injection to the economy
COVID-19 credit lines
11
Government Actions | COVID-19 Line – First Tender ResultsCOVID-19
Tramo
1 201 215 135 52 49 49 711
2 100 215 43 46 43 126 588
3 63 215 126 29 77 215 754
4 29 215 29 29 23 77 422
Total 393 861 333 155 192 468 2.476
65%
35%
Unmet Demand Demand Met
Itaú Demand
US$ 547 million
Total Demand
US$ 2.9 billion
Total Demand Met
US$ 1.0 billion
Itaú Demand Met
US$ 189 million
To
tal S
yst
em
D
em
an
d
Demand by bank and by tranche (US$ mn)
2,476
Tranche
235
74
34
117
460
252
252
252
252
1,007
158
148
34
50
390
61
34
34
54
183
57
90
27
50
225
57
252
90
148
547
833
883
494
689
2,899
12
Clients | Credit deferral campaignCOVID-19
Deferral of next three installments of non
overdue contracts, with a preferential rate through
a new loan with 60 installments and the first
payment in 6 months
Consumer and Commercial Loans
Credit CardsMortgage Loans
Deferral of next three installments of non
overdue contracts, with a preferential rate
Our clients, with non overdue contracts, can choose zero minimum
payment in April
|
20-25%42%50%% Client
acceptance
39%% Client
acceptanceClient acceptance rate
13
42%
Clients | We want to be part of the solutionCOVID-19
Itaú Corpbanca joins the Emergency Private Fund for Health in Chile with a
contribution to the “Confederación de la
Producción y del Comercio” to collaborate with the country in this fight against COVID-19
Itaú Corpbanca tripled the
value of donations made by
employees, totaling
US$ 810,000
Itaú Corpbanca
supported Chilean
female entrepreneurs
with US$ 41,000 to make
masks for staff working
with vulnerable childrenClients
US$ 570,000
Employees
US$ 60,000
Bank
US$ 180,000
US$ 1.9 million
World Giving Index (%)
28%
35%
37%
0% 20% 40% 60%
14
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
1567 Additional information
How we have evolved?Corporate profile
16
Our visionCorporate profile
To be the leading bank in sustainable performance and customer satisfaction
1. Implement a customer satisfaction-oriented culture, that is business-driven, through a simplified operational structure
2. Maximize sustainable shareholder returns, aiming at firm-wide growth
3. We aspire to be the preferred bank for top talents at every level
• Attract and retain committed professionals with high ethical standards and strong organizational pride
• Shared leadership, conquered through talent and commitment to excellence, focused on meritocracy
4. Create an atmosphere that inspires creativity, entrepreneurialism and the exchange of ideas
5. Pursue a cutting-edge technology, striving to best serve our client needs, ultimately creating value
6. Uphold the highest ethical standards in the relationship with clients, employees, regulators, society and the markets
17
Our wayCorporate profile
We seek to create a culture based on seven attitudes that define our identityand identify us in the way we do business
Each one of them represents the core of what we focus on as institution
1. It´s only good for us if it’s good for the client
We are people providing service to people, with passion and excellence. We work with the client and for the client –because they are the main reason behind why we do what we do
2. We’re passionate about performance
Generating sustainable results is in our DNA. The continuous challenge of seeking leadership in performance has brought us to where we are –and will continue guiding our company towards our objectives
3. People mean everything to us
Everything we do is carried out by people. Talented people who enjoy working in a collaborative atmosphere, based on meritocracy and high performance.
4. The best argument is the one that matters
We encourage a challenging work environment, which is open to questioning and constructive discussion. For us, the hierarchy which counts is the hierarchy of the best idea
5. Simple. Always
We believe that simplicity is the best path to efficiency. That’s why we strive not to mistake depth for complexity, and simplicity for simpleness
6. We think and act like owners
We always think like business owners, leading by example and putting collective objectives before personal ambition
7. Ethics is non-negotiable
We do what is right, without using shortcuts or devious ways to do business. We exercise leadership in a transparent and responsible way, fully committed to society and the best governance and management practices
18
Integration milestonesCorporate profile
201820172016
Merger Transition Construction• Team building: senior and middle
management
• Corporate Governance, risk
management framework and
other policies
• Balance sheet and liquidity
strengthening
• Full focus on client satisfaction
• Focus on increasing and
sustainable results
• Completing technological
integration and advancing with
digital agenda
• Strengthening our culture
throughout the organization
• Completion of retail migration and
client segmentation in Chile
• Initial roll out of Digital initiatives
• Resuming business growth in retail
• Introduction of Itaú Brand in the
Colombian retail Market
Our Purpose• Continue to deepen on client
centricity, designing products and
services and, developing a “service
culture”
• Accelerate our digital transformation
process we will continuously increasing
the productivity of our technology area
and disseminating a digital mentality
across the entire bank
• On people management, to enhance
our incentive models and our
assessment tools we will consider the
new dynamics of cooperative working
2020
… 2020 / 2021 Additional synergies by eliminated duplicities of products systems
Consolidation• Continue to deepen Itaú’s
management model (commercial
growth; people management; risk
management)
• Resume growth in commercial
loans
• Advance in the process of digital
transformation
• Client centricity adapting Itaú
experience, listening and
engaging customers
2019
19
At a glanceCorporate profile
We are key part of Itaú Unibanco’s internationalization strategy
Regional footprint & main indicators 1 2
10.1% 3 4.1% 4Market Share
US$ 22.2 bn US$ 5.5 bn Loans 1 US$ 27.7 bn
5,599 5 3,309 6Headcount 1 8,908
193 128 Branches 1 321
US$ 37.1 bn US$ 7.9 bnAssets 1 US$ 45.0 bn
US$ 46 mn US$ 7 mn Recurring Net Income
1Q20 US$ 54 mn
8.4% 3.0% Recurring RoTAE
1Q20 7 6.8%
1 Information as of March 31, 2020; 2 Figures were converted at an exchange rate of 853.82 CLP/USD; 3 Information as of March 31, 2020; 4 Information as of February 29, 2020; 5 Includes headcount of our New York branch and since 1Q’18 also from our RepOffice in Lima and also in Madrid until 2Q’19; 6 Includes headcount of Itaú (Panamá); 7 Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities.
Sources: Itaú Corpbanca, CMF and SFC. 20
Relevance across Latin AmericaCorporate profile
US$ BnUS$ Bn
4
Caixa
Bci
Banco do Brasil
Bradesco
Citibank
Santander
BBVA
Scotiabank
1
2
3
4
5
6
7
8
9
15
Bci
Grupo Aval
BBVA
Santander
Scotiabank
Banco del Estado de Chile
1
2
3
5
6
7 Itaú Latam5
Bancolombia
Itaú Corpbanca3
9
8
Itaú Corpbanca represents 18% of Itaú Unibanco’s consolidated
loan portfolio6
Itaú Unibanco2
10Itaú Corpbanca3
Banco de Chile
1 Data as of December 31, 2019. Includes Brasil, México, Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 2 Includes Brasil, México, Argentina, Peru, Uruguay, Paraguay, Chile and Colombia; 3 Includes Chile and Colombia (Itaú Corpbanca Chile
with ~US$36MMM in assets); 4 Data as of December 31, 2019. Includes Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 5 Includes Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 6– Considering the consolidated loan portfolios of Itaú
Unibanco and Itaú Corpbanca reported in their respective 1Q’20 MD&As at a R$ 4.0552 / US$ and a Ch$ 853.82 / US$ foreign exchange rates as of 31.03.2020.
Source: Central Banks, local regulators, companies filings, Itaú Corpbanca.
Itaú Corpbanca is currently the 5th largest private bank in Chile and we contribute to position Itaú LatAm as the 10th and 7th
largest bank in terms of assets within South America (ex-Brazil)
Banks by Assets in Latin America1 Banks by Assets in South America (ex-Brazil)4
373
432
321
112
365
74
340
170
67
45
55
55
58
54
81
86
61
57
52
45
Loan portfolio as of Mar. 31, 2020
21
(US$ Bn)
Responsible banking Corporate profile
Sustainability timeline
2016
Itaú CorpbancaMerger
2018
2019
2020
First Sustainability Report
June
First Sustainability Committee
(officers level)
August
Foundations and Sustainability Meeting Itaú Latam in Paraguay
November
Launch of Itaú’s #BiciEscuelita initiative
January
2017
First Annual Integrated Report
March
Diversity and Inclusion’s Internal
Policy
April
Itaú is for the fist time an index component of
the DJSI MILA
September
Launch of volunteer program called Lee para
un Niño
April
Launch of Business Advising Program for
SMEs clients
May
Foundations and Sustainability Meeting
Itaú Latam in Chile
August
Itaú Asset Management won the “ALAS20
Institution” recognition
December
22
Responsible banking Corporate profile
Translating strategy into action
1stFinancial sector
initiative
The only financial institution in Chile and Colombia to be part of the Institutional Investor’s list of 39 Latin American Midcap 'Most Honored Companies'
We increased our DJSI scores in 2019 edition, ranking for the first time for the MILA Pacific Alliance Index and for the fourth consecutive year remaining part of the Chile Index
Sustainability Performance
Itaú Asset Management awarded as the 'ALAS20 Institution' for being recognized as a leader in: Responsible Investments, Corporate Governance and Sustainability Research
Responsible Investment
Commitments Achievements Main partners
In 2019 we launched our first integrated and verified Annual Report. The quality of the information delivered to the market was recognized by the Reporta Ranking who scored as 23 points higher than the 2018 surveyTransparency in
Communication
Voluntary commitment between the financial sector, the government and regulators, who have defined general principles regarding the management of risks and opportunities associated with climate change in decision-making
Climate Change
17 pointsabove sector average
ALAS20 Institution
23 pointsabove 2018 score
Top 3 Best Latin
America Executive Team
Goals
Itaú Asset Management
We believe that people have the power to transform the world, and that a bank can promote this transformation
23
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
2467 Additional information
Shareholders & stock marketCorporate governance
US$ 1.3 BnMarket Cap. (May. 13, 2020)
Source: Sell-side reports.
1 – For Itaú Corpbanca and BCI consider shareholders equity net of goodwill and intangibles from business combination.
Buy: 2 Hold: 7 Sell: 1Sell-side rating:
% Total share capital as of April 30, 2020
Average daily traded volumes12- month ended March 31, 2020
(U$ million)
Price-to-Book1
25
Experienced senior management to implement strategyCorporate governance
Board Chile
Wholesale
Gabriel Moura
Treasury Marketing &
Products
IT People Mgmt &
PerformanceRetailCRO Legal
Álvaro Pimentel2
Treasury
Daniel
Brasil
CRO
Juan Ignacio
Castro• Credit Risk:
Frederico Quaggio
IT
Bernardo
Alba
Legal & General
Secretary
Dolly
Murcia
Human
Resources
María Lucía
Ospina
Wholesale
Jorge
Villa
Communications &
Institutional Relations
Carolina
Velasco
Operations
Liliana
Suárez
Retail
Hernando
Osorio
Chairman
Gabriel Moura
Matrix reporting to CEO Colombia and
functional reporting to ITCB
Functional reporting to CEO Colombia
and matrix reporting to ITCB for
coordination of specific themes
Board Colombia
Board Colombia
Mónica Aparicio Smith
Roberto Brigard Holguín
Cristián Toro Cañas
Juan Echeverría González
Chairman
Gabriel Amado de Moura
Colombia
Pedro
Silva
Mauricio
Baeza
Luciana
HildebrandiÁlvaro
Pimentel2Christian
TauberJulián
Acuña
Marcela
JiménezCristián
Toro
Luis
Rodrigues
Itaú Corpbanca Colombia CEO
Itaú Corpbanca CEO
Board Chile 3 4
Chairman
Jorge Andrés Saieh Guzmán
Ricardo Villela Marino
Caio Ibrahim David
Milton Maluhy Filho
Rogério Braga
Pedro Samhan Escandar
Fernando Concha Ureta
Jorge Selume Zaror
Fernando Aguad Dagach
Gustavo Arriagada Morales
Bernard Pasquier
1 Rodrigo Couto became Chief Financial Officer on July 1, 2020; 2 On June 30, 2020, Baruc Sáez was appointed as new CEO in Itaú Corpbanca Colombia as replacement of Alvaro Pimentel, effective November 1, 2020; 3 Itaú Unibanco and CorpGroup
appoint the majority of the members of the board of directors; 4 Pursuant to the Shareholders Agreement, the Directors appointed by Itaú Unibanco and CorpGroup shall vote together as a single block according to Itaú Unibanco’s recommendation.
Audit Committee
CAE
Emerson Bastián
Franchise,
Products & Digital
Jorge
Miranda
CFO
Rodrigo
Couto1
CFO
Juan Pablo
Michelsen
Operations
Jorge
Novis
26
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
2767 Additional information
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
28
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
29
Client Centricity Strategic fronts
IndividualsBy monthly income(CLP mn)
CompaniesBy annual sales
(USD mn)
Over $8.0
From $2.5 to $8.0
From $0.6 to $2.5
Up to $0.6
Private Bank
Personal Bank
Itaú Branches
Condell
Over $100
From $8 to $100
From $1 to $8
From $0.1 to $1
Corporate
Large
Middle
Very Small and Small
Wh
ole
sale
Ba
nk
ing
Re
tail
Ba
nk
ing
Current scale allows for better segmentation
30
Client Centricity Strategic fronts
Individuals segmentation overview
Segmentation model with well defined identity and value proposition, aimed at optimizing service level, satisfaction and profitability per client
23 Itaú Personal Bank + 34 Corners PB
2 Digital Branches
113 Itaú Sucursales
54 Condell (Consumer Finance)
Itaú Personal Bank Itaú SucursalesBranch profile in Chile
DigitalApproach
Multi-Channel
First Call ResolutionExtendedHours
AccountLoad
DigitalBranch
Digital Branch
31
Client Centricity Strategic fronts
Client experience, digital banking and value offer
Continuous improvement of
the look and feel of our digital
channels
Review and improvement of benefits and
offers linked to stronger transactionality
and relationship
Advancing with roll-out of new digital
services and offerings. Executing a
well defined pipeline of digital
solutions
32
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
33
Digital Transformation Strategic fronts
Opportunity to increase our pace given Chile’s relative lower digital evolution in the region
Chile has historically been a regional banking industry leader ….
Mature banking products, many not available in other emerging countries (i.e. mortgage loans 40 years tenor)
Higher banking penetration (Loans/GDP: 93% vs. 25-50% peers )
Historical RoE above the region (RoE: 19-20%)
…. however, Chile is not leading the digital transformation process in the region
1
2
3
Note: Level of digital evolution considers: (i) Digital E2E Journeys; (ii) Marketing and digital communication; (iii) Data management and advanced analytics; (iv) IT infrastructure and architecture; and (v) capabilities and digital culture.
An opportunity for Itaú
Corpbanca, leveraging
from Itaú Unibanco’s
digital experience in the
region
34
Digital Transformation Strategic fronts
Initial roll out of digital initiatives
18 agile squads integrated by multidisciplinary teams with 253 employees on
average fully dedicated that are looking at opportunities for change and are
re-thinking the entire bank processes with a disciplined and focused approach
Building a Digital Bank from inside….
Out ....
320+ releases and new functionalities, user interface and offers through our digital channels
Advanced work methodologies and tools
Back-end to front-end digitalization of opening of digital accounts process
35
Digital Transformation Strategic fronts
Leveraging synergies with Brazil
Analytics 360 Implementing Google Analytics 360 (Web
/ App) along with LatAm units
Training teams and encouraging market
innovations to increase business results
and improve customer experience
New App Joint digital experience definition
Sharing know-how implementation and
use of open source tools
Using LatAm units development
environment
Digitalization Building our strategy leveraging from
LatAm units' experience, taking
advantage of best practices from other
countries
Remote and in site support throughout
the process
36
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
37
People Management1Strategic fronts
By hierarchical level Inclusion and diversityBy gender
By age bracket By region
thousand
Employees2
6
in Chile and New York
Approximately
0,9 k people
3,9 k people
0,8 k people
> 50 years
30-50 years
up to 30 years
Arica y Parinacota
69.8%
14.7%
0.2%
47%
53%
Men
Women
1 – December, 2019; 2 – March, 2020.
5%
1%
People with disabilities
Foreigners
0.4%1.4%
1.9%
0.8%
1.6%5.0%1.3%
1.9%4.2%
1.3%
1.4%
0.6%
76.7%
0.6%
0.1%
Tarapaca
Antofagasta
Atacama
Coquimbo
Valparaíso
O’higgins
Maule
Bío-Bío
Araucanía
Los ríos
Los lagos
Aysén
Magallanes y Antartica
Metropolitana
Ñuble
0.8%
47
%
47
%
50
%
75
%
83%
53
%
53
%
50
%
25
%
17%Corporate managers
4.5% Managers and deputy managers
52.9% Professionals
19.5% Technicians
22.9% Administrative staff
15.4%
38
People Management Strategic fronts
We are people providing service to people, with passion and excellence
Organizational Climate(hable francamente)
9 p.p.of 2019 employees satisfaction
Dress Code Flexibility for Employees
Go As I Am
Lideramore than 14,000 training hours in our program for leaders
Escuela Itaú+400,000 training hours for employees
(regulatory and languages workshops, Crece
program, Diploma at Universidad Católica for 60
managers, among others)
Recognized as the 9th best company in Chile in Attraction and Retention of Talentby Merco
39
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
40
Growth Strategic fronts
Business mix an opportunity for retail growth
1 Yearly average gross loans; 2 Loan interests by segments;
Source: CMF; Itaú Corpbanca; Team Analysis.
Loans breakdown by segment¹LTM Mar 2020, Ch$ Bn
12.9
7.3
13.3
7.1
Total
7.1 7.0
5.8 6.1
ItaúCorpbanca
AverageTop 3
Interest Rates
29,392
Consumer
Commercial
17,39324,624
Mortgage
32,435
∆ -19 bp-42 bp by mix
Peer-A Peer-B Peer-D
Current rate w/ top 3 mix
Current
Top 3
Top 3 rates w/ current mix
Mix difference explains most of the Yield gap with the Top 3
100% =2
54.7%49.4% 50.0%
65.8%
30.0%33.8% 36.0%
23.5%
15.3% 16.8% 13.9%10.8%
Yield ITCB with mix
Peers 7.5%
7.3
7.5
7.1
6.9
41
Growth Strategic fronts
Loan Portfolio
Portfolio Mix (%)
Retail: 30.5%
Retail: 33.2%
Market Share (Mar.20)
7.2%
Commercial
Mortgage
Consumer
8.1%
11.8%
Total Loans
10.1%
16 bp
16 bp
36 bp
6 bp
Share 12-month
Commercial
69.5%
Mortgage
21.8%
Consumer8.7%
Commercial
66.8%
Mortgage
23.3%
Consumer
9.9%
Mar.17
Mar.20
265 bp
Consumer growth
2.0x Market
1Q20 vs. 1Q19
42
Growth Strategic fronts
Credit portfolio growth rate
(1) Ex Student loans portfolio
Commercial1
Mortgage Consumer
Total Loans
Convergencein 2019
12.2%
12.8%
13.4%16.2%
Convergencein 2019
14.6%
12.3%
4.9%
2.5%
2.0x market
1.2x market
43
Growth Strategic fronts
Funding mix an opportunity to increase profitability
Total funding breakdown Interest Rates
36,307 23,440
Debt Issued
44,195
Others1
100%31,641
2.7
2.4
3.0
2.9
Total
0.3 0.3
5.4 6.6
Itaú Corpbanca
1.3 0.6
Average Top 3
∆ 44 bp
29 bp by mix
Peer-A Peer-B Peer-D
Top 3 rates w/ current mix
Current rate w/ top 3 mix
Non-interest bearing liabilities are the main reason for the gap when compared to the 3 players
Time Deposits
1 Others: Repurchases contracts, financial derivatives, bank obligations, letters of credit, other financial obligations, taxes, differed taxes, provisions, other liabilities. Source: CMF; Itaú Corpbanca; Team Analysis.
LTM Mar 2020, Ch$ Bn
18.1% 26.6%31.4% 26.7%
23.3%21.3%
20.0% 22.8%
30.1%
30.4%
33.9%39.0%
28.5%21.7%
14.7% 11.6%
Yield ITCB with mix
Peers 2.6%
Top 3
Current
2.7
2.9
2.6
2.4
44
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
45
Efficiency Strategic fronts
Focus on synergies: compared evolution of total expenses
Average: 11.9% ; 10.5%
Adjusted Non-Interest Expenses annualized growth (%)
1 – Includes commissions expenses, personnel expenses, administrative expenses, depreciation and amortization, impairment charges and other operational expenses. All data is Proforma 2 – Consisting of provisions for assets received in lieau of payment andprovisions for Country risk. 3 – Does not include amortization of intangibles generated through business combination, already considered as a non-recurring expense.
Average: 1.4% ; 6.1%
In million of Chilean Pesos 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M'19 3M‘20
Total Non-Interest Expenses - Itaú Corpbanca1 220 255 275 402 545 732 736 801 766 791 811 197 194
(-) Itaú Corpbanca Colombia - - - (74) (191) (290) (253) (253) (274) (273) (286) (68) (66)
Total Non-Interest Expenses - Itaú Corpbanca Chile 220 255 275 328 354 441 483 548 492 518 525 129 127
(-) Credit risk related provisions 2 (3) (4) (4) (6) (4) (4) (2) (11) (9) (16) (6) (2) (3)
(-) Non-recurring expenses - - - - - (32) (54) (101) (31) (39) (27) (6) (5)
(-) Depreciation and amortization 3 (10) (12) (14) (16) (20) (22) (24) (26) (29) (32) (65) (15) (16)
Adjusted Non-Interest Expenses - Itaú Corpbanca Chile 207 239 257 306 331 384 404 410 422 432 428 106 103
Annual growth rate 15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.0% 2.2% -0.9% -2.8%
Adjusted Non-Interest Expenses - Chilean Financial System 2,254 2,680 2,761 2,983 3,233 3,760 4,073 4,255 4,484 4,848 5,158 1,217 1,275
Annual growth rate 18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.5% 5.4% 8.1% 6.4% 4.7%
15.6%
7.4%
19.1%
8.1%
16.1%
5.3%
1.4%3.0% 2.2%
-0.9%-2.8%
18.9%
3.0%
8.1% 8.4%
16.3%
8.3%
4.5% 5.4%8.1%
6.4%4.7%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M20 x 3M20
Itaú CorpBanca Chile Sistema Financiero ChileItaú Corpbanca Chile Chilean Financial System
46
Efficiency Strategic fronts
Estimated synergies captured to date
≠10 27
Ch$92 billion or US$136 million1 in synergies captured since the merger
Adjusted Total Expenses evolution – actual 1 (Ch$ Bn)
Adjusted Total Expenses evolution – System growth rates1 (Ch$ Bln)
≠8≠
1 – For comparison purposes with previous quarters, we have maintained the FX rate as June 30, 2019 to convert synergies from CLP toUSD given the CLP devaluation (26% between 2Q’19 and 1Q’20)
+1.4%
+4.6%
+3.5%
+5.6%
+2.2%
+8.1%
≠12
-0.9%-2.8%
207 239 257
306 331
384 404 410 422 432 428 428
106 103
6 12 9
( 4 )
( 3 )
2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 decrease 2019 3M19 decrease 3M20
207 239 257
306 331 384 404 422 445
481 481 512
106 111
18 23 36
31
5
2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 increase 2019 3M19 increase 3M20
+4.7%
35≠
+6.4%
47
Key Strategic Drivers to Continue Deepening Itaú’s Management ModelStrategic fronts
Segmentation model with well defined identity and value proposition
Development of products and a “service culture” focused on client satisfaction and long-term relationships
Client Centricity
Culture of innovation and transformation
Efficiency and improvement of user experience and customer satisfaction
Seamless integration from back-office to front-office
Strengthening our culture throughout the organization
To enhance our incentive models and our assessment tools
To consider the new dynamics of cooperative working
2
1
3
4 Expand our presence and client base in all business
segments
Special focus on growing our Retail Bank
Further increase transactionality and relationship within our client base
People Management
Digital Transformation
Growth
5
Efficiency
6 Continued and sustainable rebound in results
Resume expansion in business volumes
Advance with the implementation of retail and wholesale
strategies
Colombia
Continuously increase the efficiency of our operations
Drill down of the full cost allocation model to product level
Continued focus and discipline in identifying cost saving
opportunities throughout the institution
48
ColombiaStrategic fronts
We are key part of Itaú Unibanco’s internationalization strategy
Regional footprint & main indicators 1 2
10.1% 3 4.1% 4Market Share
US$ 22.2 bn US$ 5.5 bn Loans 1 US$ 27.7 bn
5,599 5 3,309 6Headcount 1 8,908
193 128 Branches 1 321
US$ 37.1 bn US$ 7.9 bnAssets 1 US$ 45.0 bn
US$ 46 mn US$ 7 mn Recurring Net Income
1Q20 US$ 54 mn
8.4% 3.0% Recurring RoTAE
1Q20 7 6.8%
1 Information as of March 31, 2020; 2 Figures were converted at an exchange rate of 853.82 CLP/USD; 3 Information as of March 31, 2020; 4 Information as of February 29, 2020; 5 Includes headcount of our New York branch and since 1Q’18 also from our RepOffice in Lima and also in Madrid until 2Q’19; 6 Includes headcount of Itaú (Panamá); 7 Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities.
Sources: Itaú Corpbanca, CMF and SFC. 49
Colombia Strategic fronts
Advance with the implementation of retail and wholesale strategies
Segmentation model with well defined identity and value proposition
Private Bank
Personal Bank
Itaú Branches
Corporate
Large
Middle
Very Small and Small
Wh
ole
sale
Ba
nk
ing
Re
tail
Ba
nk
ing
Wealth over > $1,000
Over $8.0
Up to $8.0
Over $120,000
From $30,000 to $120,000
Up to $5,000
From $5,000 to $30,000
IndividualsBy monthly income(COP mn)
CompaniesBy annual sales
(COP mn)
50
Colombia Strategic fronts
Highlights
About 1Q 2020In COP
Recurring Net Income EvolutionIn billion COP
RoTE
Loans
Loan Portfolio and RoTE EvolutionIn billion COP
branches closed in Colombia YoY
3.31 thousandemployees
in 1Q20
128branches in Colombia in 1Q20
33 ( 20.5%)
3.49
3.31
3.56
Mar-19 Mar-20Mar-18
-30.7 bn
-4.9%
20.2 tn
27.9 tn
1Q20 4Q19
24.3 bn
3.8%
20.7 tn
30.8 tn
Net Income
RoTE
Loan Portfolio
Total Assets
(451.5)
n.a.
+8.7 p.p.
+2.5%
+10.4%
-31.9-17.0
62.0
24.3
1Q17 1Q18 1Q19 1Q20
51
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
5267 Additional information
Capital Capital and risk management
Estimated BIS III capital ratio
CET 1
New LGB
(Dec. 2025)
SIFI (est.)
CCB
AT1
Total Capital
Tier II
CET 1
Tier I8.3% -1.8%
-0.2% 6.4%
Regulatory CapitalRatio (Dec. 19)
Other Intangible Assets/ Net Deferred Taxes
Net effectof changes in RWA
Estimated Fully LoadedBIS III Capital
3.9%
12.2%
4.5%
11.5%
1.5%
1.0%
2.5%
8.0%
9.5%
2.0%3.2%
9.6%
-0.7%
Max use of Tier II
Regulatory Capital Ratio
(Mar. 2020)
Tier II
Tier I
53
About 1Q20 Capital and risk management
Liquidity risk
1 – LCR: Liquidity Coverage Ratio calculated according to BIS III rules. Regulatory LCR ratios are still under construction in Chile. 2 – NSFR: Net Stable Funding Ratio, the methodology used to estimate NSFR consist of liquidity ratio proposed by the “Basel III Committee on Banking Supervision” (“BIS III”) that was adopted by the CMF and the Brazilian Central Bank (BACEN) and only the BACEN set a limit for NSFR.
Source: Quarterly liquidity status report as of April 28, 2020.
LCR1 NSFR2
Total Deposits
10.4 10.6 11.6
12.5 14.1
mar.19 jun.19 sep.19 dec.19 mar.20
125.4%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
Mar.19 Jun.19 Sep.19 Dec.19 Mar.20 Apr.20
LCR Chile + NY Internal LCR limit
100 %
95.4%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
Mar.19 Jun.19 Sep.19 Dec.19 Mar.20 Apr.20
NSFR Chile + NY Internal NSFR limit
90 %
13.2%
+36.2%
85 %
54
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
5567 Additional information
Financials Highlights of the results
Financial Information
The financial information included in this Management Discussion & Analysis presentation is based on our managerial model which is based on our managerial model
that we adjust for non-recurring events and we apply managerial criteria to disclose our income statements. Starting in the first quarter of 2019, we have been
disclosing our income statement in the same manner as we do internally, incorporating additional P&L reclassifications, fully converging to the format presented by Itaú
Unibanco.
This managerial financial model reflects how we measure, analyze and discuss financial results by segregating: (i) commercial performance; (ii) financial risk
management; (iii) credit risk management; and (iv) costs efficiency.
We believe this form of communicating our results will give you a clearer and better view of how we fare under these different perspectives. Please refer to pages 9 to
12 of our Management Discussion & Analysis Report (“MD&A Report”) for further details, available at ir.itau.cl.
56
1Q20 | About our year Highlights of the results
higher volume of credit inChile (+12.2%) and better weighted average spread
offset the increase of the growth in the average portfolio, margin with
clients in Chile
Cost of credit increased in Chile
52.1%
Non-interest expenses in Chile decreased
1.9% mainly driven by corporate credit events and regulatory and internal credit risk models implementation
58.6%Efficiency ratio
improved by 70 b.p.
Recurring
Net
4.3%
Ch$33.8 billion
Ch$29.5 billion
Consolidated
Chile
1.1%
1.0%
10 b.p.Consolidated
Chile 1.1 p.p.
6.8 %
8.4 %Income
Recurring
Return onTangible
(yoy)
(yoy)
(yoy)
Equity (RoTE)
57
About 1Q20 Highlights of the results
Financial margin with clients
Ch$ billlion
Change in financial margin with clients
Annualized average rateFinancial margin with clients
-8.9%
+4.3%
140.8 146.5 144.0
161.3146.9
1Q'19 2Q'19 3Q'19 4Q'19 1Q'20
3.0%2.9% 2.8%
3.3%
3.0% 3.0%
2.8%3.0%
2.6%
2.5% 2.5% 2.5%
2.7% 2.9% 2.9%
2.4%
1.8%
1.6%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20
Financial margin with clients Average TPM
161.3 146.9(2.1)
1.9
(1.0) (1.8) (10.5) (1.0)
4Q'19 Loan Portfolio Mix Average Loan Portfolio,Loan Spreads andLiabilities Margin
Lower number ofcalendar days
Comercial spreads onderivatives and FX
transactions with clients
Sale of student loansportfolio
Working Capital andother
1Q'20
58
About 1Q20 Highlights of the results
Financial margin with the market
In Ch$ billion
Quarterly evolution breakdown UF1 net exposure (Ch$ trillion)
UF – Unidad de Fomento1 ( value)
1 – UF (Unidad de Fomento) is an official unit of account in Chile that is constantly adjusted for inflation and widely used in Chile for pricing several loans and contracts.
1.9 2.02.2
1.9
2.7
mar-19 jun-19 sep-19 dec-19 mar-20
0.0%
1.2%
0.5%
0.9%1.0%
1Q'19 2Q'19 3Q'19 4Q'19 1Q'20
21.1
49.1
3.3
20.8
7.3
-53.5
7.7
3Q'19 Trading
Institutional
Banking 4Q'19 Trading
Institutional
Banking 1Q'20
59
About 1Q20 Highlights of the results
Cost of credit and credit quality
Cost of Credit Coverage ratio (90-day NPL - %)
Non Perfoming Loans (90+ days -%) and NPL Creation (Ch$ billion)
In Ch$ billion
Commercial (exStudent Loans) Mortgage Consumer
Cost of Credit Risk Cost of Credit Risk / Average Loans
36.6 41.9 40.9
110.1
55.6
1Q'19 2Q'19 3Q'19 4Q'19 1Q'20
0.9% 1.0% 0.9%
2.4%
1.2%
36.6 55.6
3M19 3M20
0.9%1.2% 126% 129% 132%
113%115%
2.4% 2.4% 2.4% 2.8%2.9%
70%
80%
90%
100%
110%
120%
130%
mar-19 jun-19 sep-19 dec-19 mar-20
NPL90 Coverage Provisions / Loans
1.4% 1.5% 1.4% 1.4%
2.3% 2.3%
dec-18 mar-19 jun-19 sep-19 dec-19 mar-20
0 24
6 30
121
32
1.7% 1.8% 1.7% 1.6% 1.7% 1.6%
dec-18 mar-19 jun-19 sep-19 dec-19 mar-20
1.7%2.0%
1.7%2.0%
2.2%2.5%
dec-18 mar-19 jun-19 sep-19 dec-19 mar-20
23 29
21 31 35 37
3 3
-1
1 9 4
60
About 1Q20 Highlights of the results
Non-interest expenses
branches closed in Chile YoY
Efficiency ratioquarterly - %
In Ch$ billion
193branches in Chile in 1Q20
5.60 thousandemployees
in 1Q20
9 ( 4.5%)
Total
(52.2)
(54.8)
(107.0)
(9.9)
1Q20 4Q19
(47.8)
(51.3)
(99.1)
(10.0)
Personnel
Administrative
Total Personnel and Administrative
Depreciation, Amortization and Impairment
(116.9)(109.1)
-8.5%
-6.4%
-7.4%
1.3%
-6.7%
59.3
53.1 55.0
46.7
58.6
1Q'19 2Q'19 3Q'19 4Q'19 1Q'20
5.56 5.60
5.81
Mar-19 Mar-20Mar-18
61
About 1Q20 Highlights of the results
Debt spread evolution
Itaú Corpbanca has presented a noticeable convergence to peers
Spreads Itaú vs.Peers1: 30-day (annualized)
1 – Average of top 3 peers in Chile. As of May 12, 2020; 2 – As of April 16, 2020.Bonds in CLP & UF (expressed in USD MM) Spread vs.Peers1
Bonds issued in Chile LTM2
Spreads Itaú vs.Peers1: 5-year (annualized)
0.0
0.5
1.0
1.5
2.0
2.5
1-D
ec-1
5
1-F
eb-1
6
1-A
pr-
16
1-J
un
-16
1-A
ug-
16
1-O
ct-1
6
1-D
ec-1
6
1-F
eb-1
7
1-A
pr-
17
1-J
un
-17
1-A
ug-
17
1-O
ct-1
7
1-D
ec-1
7
1-F
eb-1
8
1-A
pr-
18
1-J
un
-18
1-A
ug-
18
1-O
ct-1
8
1-D
ec-1
8
1-F
eb-1
9
1-A
pr-
19
1-J
un
-19
1-A
ug-
19
1-O
ct-1
9
1-D
ec-1
9
1-F
eb-2
0
1-A
pr-
20
Peer A Peer B Peer C Corpbanca Itaú
-1.00
-0.75
-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1-D
ec-1
5
1-F
eb-1
6
1-A
pr-
16
1-J
un
-16
1-A
ug-
16
1-O
ct-1
6
1-D
ec-1
6
1-F
eb-1
7
1-A
pr-
17
1-J
un
-17
1-A
ug-
17
1-O
ct-1
7
1-D
ec-1
7
1-F
eb-1
8
1-A
pr-
18
1-J
un
-18
1-A
ug-
18
1-O
ct-1
8
1-D
ec-1
8
1-F
eb-1
9
1-A
pr-
19
1-J
un
-19
1-A
ug-
19
1-O
ct-1
9
1-D
ec-1
9
1-F
eb-2
0
1-A
pr-
20
Peer A Peer B Peer C Itaú Corpbanca
169
83 68 68
101
68 68 68 68 84
68 47
1 17
2 17
34 17
101 101
03
-14
-20
18
04
-13
-20
18
06
-05
-20
18
02
-11
-20
19
02
-15
-20
19
02
-25
-20
19
02
-26
-20
19
03
-07
-20
19
03
-14
-20
19
05
-07
-20
19
07
-03
-20
19
07
-04
-20
19
07
-05
-20
19
07
-10
-20
19
07
-15
-20
19
01
-14
-20
20
01
-15
-20
20
01
-16
-20
20
04
-08
-20
20
04
-08
-20
20
9 bp2 bp
6 bp 6 bp 6 bp 6 bp 4 bp 6 bp 5 bp 4 bp 5 bp9 bp
6 bp 4 bp 3 bp7 bp 6 bp 5 bp
25 bp
10 bp
62
Projections Highlights of the results
GDP (%) CPI (%)
Monetary Policy (%) FX
Base Fast V U
63
-3.0
7.0
-4.5
4.7
-6.0
3.0
2017 2018 2019 2020 2021 2022 2023
2.0
2.52.6
2.93.0
3.7
2017 2018 2019 2020 2021 2022 2023
1.501.00
0.50
0.50
2017 2018 2019 2020 2021 2022 2023
760
720
800770
880850
2017 2018 2019 2020 2021 2022 2023
Itaú´s projections updated on June 9, 2020.
Projections Highlights of the results
GDP (%) CPI (%)
Monetary Policy (%) FX
Base Fast V U
64
-3.7
4.7
-4.7
4.2
-6.2
3.3
2017 2018 2019 2020 2021 2022 2023
2.02.4
2.5 3.02.8
3.7
2017 2018 2019 2020 2021 2022 2023
2.50 2.502.00 2.00
1.50 1.50
2017 2018 2019 2020 2021 2022 2023
3,5503,500
3,8003,700
4,3504,150
2017 2018 2019 2020 2021 2022 2023
Itaú´s projections updated on June 9, 2020.
2020 | Guidance under review Highlights of the results
Expected
Loan Growth
Loan Mix 1
Cost of credit Risk 2
Adjusted Non-Interest Expenses 3
Results from Colombia 4
6.0%4.0%
Continued increasing retail in loan mix
1.2%1.0%
Continued recovery in profitability
1 – Retail loans refers to mortgage and consumer loan; 2 – Net provision for credit & counterparty risks; 3 – Net of labor agreement costs; 4 – Managerial Net Income Attributable to Shareholders.
4.5%3.5%
65
Agenda
Economiccontext
Corporate profile
COVID-19
Corporategovernance
Strategicfronts
04
06
16
25
28
53 Capital and
risk management
56Highlightsof the results
6667 Additional information
Itaú Corpbanca Highlights of the results
Build the bankof the future
Execute ourtransition plan
Prepare the bank for the crisis
COVID -19 67
About 1Q20 Additional information
Rating upgrades in 2016 contribute to further reduction in cost of funds
Current International Ratings
Moody's S&P
Financial
Capacity
Rating Scale Rating Scale
LT ST LT ST
Extremely
strongAaa
P-1
AAA
A-1+Very
strong
Aa1 AA+
Aa2 AA
Aa3 AA-
Strong
A1 A+
A-1
A2 A
A3
P-2
A-
A-2
Adequate
Baa1 BBB+
Baa2
P-3
BBB
A-3
Baa3 BBB-
+3n +1n
Timeline S&P
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
A+
A-
A+
AA
A+
A
A+
A
A
A-A-
BBB+
BBB+
BBB BBB
BBB+
2020
68
Average tangible equity breakdownAdditional information
All other Assets: Ch$ 34,746
Ch$ 28,124
Ch $6,622
All other Liabilities: Ch$ 32,683
Ch$ 26,716
Ch$ 5,967
Asociado a Intangibles PPA: Ch$ 40
Minority Interest ex GW and PPA Intangibles: Ch$ 83
Assets: 36,170
Liabilities: 32,751
Minority Interest: 94
1Q’20 Average balance (Ch$ Tn)
Managerial Tangible Equity: Ch$ 1,981
Ch$ 1,407
Ch$ 573
Shareholders’ Equity: 3,325
Managerial Tang. Equity:
Recurring Results:
Recurring RoTE:
Ch$ 1,981 Ch$ 1,407 Ch$ 573
Ch$ 33.8 Ch$ 29.5 Ch$ 4.3
÷ ÷ ÷
6.8% 8.4% 3.0%
= = =
Goodwill: Ch$ 1,192
Ch$ 935
Ch$ 257
Intangibles from PPA: Ch$ 232
Ch$ 107
Ch$ 126
Deferred taxes asociated with intangibles from PPA: Ch$ 68
Ch$ 28
Ch$ 40
Asociated w/ PPA Intangibles: Ch$ 11
GW and PPA Intangibles: Ch$ 1,344
Ch$ 1,013
Ch$ 331
69
Transactions in ColombiaAdditional information
Itaú Corpbanca acquired shares of Itaú Corpbanca Colombia from Helm LLC
Structure in Colombia
Itaú Corpbanca
Itaú CorpbancaColombia
(754,806,213 total shares)
On June 16, 2017 Itaú Corpbanca Colombia acquired Itaú BBA Colombia assets and liabilities1
Postponement of the date for Itaú Corpbanca to purchase the 12.36% stake of CorpGroup in Itaú Corpbanca Colombia:
‐ The postponement date to purchase is until January 28, 2022
‐ The purchase price has not changed (US$ 3.5367 per share2)
‐ Itaú Corpbanca will carry out commercially reasonable efforts to register an listing
Itaú Corpbanca Colombia in the Colombian Stock Exchange (CSE)
‐ The rational is to create a liquidity mechanism for minorities to sell the stake in the
company
Itaú Corpbanca acquired shares of Itaú Corpbanca Colombia from Helm LLC and Kresge Stock Holding Company
‐ On December 3, 2019, following receipt of regulatory approvals from the banking
supervisors in Chile, Colombia and Brazil, Itaú Corpbanca completed its previously
announced acquisition of shares of Itaú Corpbanca Colombia from Helm LLC and
Kresge Stock Holding Company
‐ Itaú Corpbanca acquired shares representing approximately 20.82% of Itaú
Corpbanca Colombia’s outstanding equity for aggregate consideration of
approximately US$334 million which implies a valuation multiple of 1.37 times book
value as of October 31, 2019. This valuation is consistent with the valuation of Itaú
Corpbanca Colombia in Itaú Corpbanca’s financial statements
‐ The acquisition resulted in an estimated impact of 0.94% on Itaú Corpbanca’s CET1
ratio, on a fully loaded basis under the Basel III standards (using exchange rates as
of November 30, 2019). In this context, Itaú Corpbanca estimated that its CET1 ratio
would be 7.0%, considering the preliminary analysis of the capital effects of the
regulations under public consultation recently announced by the CMF
CorpGroupOther
Minorities
Itaú BBA Colombia (asset and liabilities))
87.10% 12.36% 0.54%
Acquisition in 2017
1 Itaú Corpbanca Colombia S.A. paid Ch$33,205 million to Itaú BBA Colombia S.A Corporación Financiera; 2 This amount accrues interest from (and including) August 4, 2015 until (but excluding) the payment date at an annual interest rate equal to Libor plus 2.7%.
70
Global macroeconomic outlookAdditional information
Itaú´s projections updated on June 9, 2020. 71
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F 2021F
GDP Growth (%) - World Economy
World 4.2 3.5 3.5 3.6 3.5 3.3 3.7 3.7 1.8 -3.8 5.8
USA 1.6 2.2 1.8 2.5 2.9 1.6 2.4 2.9 2.3 -5.0 4.0
Euro Zone 1.7 -0.8 -0.2 1.4 2.0 1.9 2.7 1.9 1.2 -8.0 5.0
China 9.5 7.9 7.9 7.4 7.0 6.8 6.9 6.6 6.1 2.0 7.5
Japan -0.1 1.5 2.0 0.0 1.3 0.5 2.2 0.3 0.8 -4.0 2.2
GDP Growth (%) - Latam
Brazil 4.0 1.9 3.0 0.5 -3.5 -3.3 1.3 1.3 1.1 -4.5 3.5
Chile 6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1 -4.5 4.7
Colombia 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3 -4.7 4.2
Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.1 2.2 -0.3 -8.5 4.3
Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.0 2.2 -6.6 4.6
Inflation (eop, %)
Brazil (IPCA) 6.5 5.8 5.9 6.4 10.7 6.3 2.9 3.7 4.3 1.8 2.8
Chile 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 2.6 2.9
Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.5 3.0
Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.8 2.8 2.9 3.3
Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 1.9 1.2 2.1
Monetary Policy Rate (eop, %)
Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 4.50 2.25 3.00
Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 1.75 0.50 1.00
Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.25 2.00 2.00
Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.25 7.25 4.00 4.00
Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 2.25 0.25 0.75
Unemployment Rate (avg, %)
Brazil - 7.4 7.1 6.8 8.5 11.5 12.7 12.3 11.9 14.6 13.7
Chile 7.1 6.4 5.9 6.4 6.2 6.5 7.0 7.4 7.2 9.0 8.3
Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.5 16.0 14.0
Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.3 3.5 5.5 4.3
Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.6 6.6 8.5 7.5
ChileAdditional information
Macroeconomic Outlook GDP Growth | % (YoY) Per Capita GDP | US$ Thousand
Unemployment rate | % Inflation and Policy Rate | %
5.1
3.32.7
3.8
7.06.2
5.75.2
3.5
-1.6
5.8 6.15.3
4.0
1.82.3
1.71.2
3.9
1.1
-4.5
4.7
-5-4-3-2-1012345678
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
5.1 4.6 4.5 4.86.2
7.6
9.510.510.710.6
12.914.2
15.315.614.5
13.314.0
15.115.9
14.5
12.413.7
0
2
4
6
8
10
12
14
16
18
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
9.7 9.9 9.8 9.510.0
9.3
8.0
7.0
7.8
10.8
8.3
7.2
6.56.0
6.3 6.36.7
7.07.4 7.2
9.08.3
4
5
6
7
8
9
10
11
12
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
4.5
2.6 2.8
1.1
2.4
3.7
2.6
7.8 7.1
-1.4
3.0
4.4
1.5
3.0
4.6 4.4
2.72.3 2.6 3.0 2.6 2.9
-2
0
2
4
6
8
10
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Inflation Policy RateItaú´s projections updated on June 9, 2020. 72
ChileAdditional information
Macroeconomic Outlook
International Reserves | % of GDP Current Account Balance | % of GDP
Central Government Fiscal Balance | % of GDP External Debt | % of GDP
19.420.221.9
20.8
16.1
13.812.6
9.8
13.214.2
12.6
17.115.6
14.915.7
16.215.913.9
13.4
14.6 14.513.0
0
5
10
15
20
25
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
-1.2-1.5
-0.8-1.1
2.6
1.5
4.6 4.1
-3.2
1.71.3
-1.7
-3.9-4.1
-1.7-2.4
-2.0-2.3
-3.6-3.9
0.0
-1.4
-5-4-3-2-1012345
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
-0.6-0.5
-1.2-0.4
2.1
4.4
7.37.8
3.9
-4.4
-0.5
1.30.6
-0.6-1.6
-2.1-2.7-2.8-1.6
-2.8
-8.1
-4.0
-8
-6
-4
-2
0
2
4
6
8
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
6.8 5.3 3.7 3.0 2.3 1.9 2.3 2.5 3.0 3.0 3.4 3.9 4.3 5.2 7.8 8.4 10.8
49.8
39.0
33.229.5 29.7 34.5
38.8 36.438.2
42.946.1
55.2
62.9 59.656.7 54.5
60.3
0
10
20
30
40
50
60
70
Dec-03 Dec-09 Dec-15 Dec-21
Private Public
Itaú´s projections updated on June 9, 2020. 73
ColombiaAdditional information
Macroeconomic Outlook
GDP Growth | % (YoY) Per Capita GDP | US$ Thousand
Unemployment rate | % Inflation and Policy Rate | %
2.9
1.72.5
3.9
5.34.7
6.8 6.8
3.3
1.2
4.3
7.4
3.94.6 4.7
3.02.1
1.42.5
3.3
-4.7
4.2
-5-4-3-2-1012345678
Dec-00 Dec-05 Dec-10 Dec-15 Dec-202.5 2.4 2.4 2.3
2.83.4
3.7
4.75.3 5.2
6.3
7.38.0 8.1 8.0
6.1 5.86.3
6.7 6.4
5.45.9
0
1
2
3
4
5
6
7
8
9
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
13.3
15.015.6
14.113.7
11.812.011.211.3
12.011.8
10.810.4
9.69.1 8.9 9.2 9.4 9.7
10.5
16.0
14.0
5
7
9
11
13
15
17
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
8.77.6
7.06.5
5.54.9 4.5
5.7
7.7
2.0
3.2 3.7 2.41.9
3.7
6.8
5.8 4.1
3.2 3.8
2.53.0
0
5
10
15
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Inflation Policy RateItaú´s projections updated on June 9, 2020. 74
ColombiaAdditional information
Macroeconomic Outlook
International Reserves | % of GDP Current Account Balance | % of GDP
Central Government Fiscal Balance | % of GDP External Debt | % of GDP
-5.0-5.5
-5.7
-4.7-4.9
-4.3-3.7
-3.0-2.3
-4.1-3.9
-2.8-2.3-2.3 -2.4
-3.0
-4.0-3.6
-3.1-2.5
-6.1
-4.5
-8
-6
-4
-2
0
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
10.411.111.511.610.2 9.5 10.110.210.8
9.9 9.6 10.111.4
12.4
15.916.615.3
14.516.4
19.818.3
02468
10121416182022
Dec-01 Dec-06 Dec-11 Dec-16 Dec-21
0.9
-1.1 -1.3-1.0 -0.7
-1.3-1.8
-2.9-2.9
-2.0
-3.0-2.9-3.1-3.3
-5.2
-6.3
-4.3
-3.3-3.8
-4.3-3.3 -3.7
-8
-6
-4
-2
0
2
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Itaú´s projections updated on June 9, 2020. 75
26.022.0
16.6 16.3 14.0 12.115.8 13.8 12.7 12.4 13.7 15.7
22.5 25.1 23.1 22.0 23.2
14.2
11.6
9.98.5
7.67.0
7.1 8.89.9
8.8 10.411.0
15.5
17.416.9 17.7
20.0
0
5
10
15
20
25
30
35
40
45
50
Dec-03 Dec-09 Dec-15 Dec-21
Private Public
1Q20
Institutional Presentation
Itaú Corpbanca